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checkIN News, Interviews, Opinions, Reviews
Marriott International's President
and CEO, Arne Sorenson
MARRIOTT
FINALLY GETS
STARWOOD
Two of the planet's biggest hotel chains are
finally set to merge after the stockholders of
both companies approved proposals relating
to Marriott's acquisition of Starwood, creating
the world's largest hotel company.
The move followed an intense bidding war
that lasted several weeks before a consortium
consisting of Anbang Insurance Group Co.,
Ltd., J.C. Flowers and Co. and Primavera
Capital Limited informed Starwood that, as
a result of market considerations, it withdrew
its non-binding proposal to acquire all of
the outstanding shares of common stock of
Starwood for $82.75 per share in cash and did
not intend to make another proposal.
Many insiders thought Anbang would
snatch Starwood away from Marriott, but
in the end the transaction ended the way it
started, with the two companies set to form
a mega-chain.
"With [this] successful stockholder
approval milestone, we are that much
closer to completing our transaction," said
Marriott International's President and CEO,
ARNE SORENSON.
"Our teams continue to plan the
integration of our two companies, and we
are committed to a timely and smooth
transition. We appreciate the stockholders'
vote of confidence in our ability to drive
long-term value and opportunity as a
combined company."
Thomas B. Mangas, Starwood's Chief
Executive O cer, said: "Today's vote is a
significant step toward closing, and we are
grateful for the continued enthusiasm and
support for this merger.
"There is no doubt that this transaction puts
our company on the best path forward and
we remain excited about the opportunity this
combination will create for our stockholders,
associates, owners and guests."
As previously announced, the parties
have cleared the pre-merger antitrust review
in the United States and Canada and multiple
other jurisdictions.
Both companies said the transaction
remains on track to close mid-2016 pending
completion of Starwood's planned divestiture
of its timeshare business and obtaining
remaining regulatory approvals, including
in the European Union and China, and
the satisfaction of other customary closing
conditions.
6 HM The Business of Accommodation